The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1887-05-26
THE MT. DESERT BOOM.
Land Speculation Still at Fever Heat
at Bar Harbor.
Some OF the Big Prices Realized by
Investors.
Cottage Lots Costing From sA, 900
to s5, 1000.
Correspondence Of the Press.l

DAA hAhBoh, May "a.
The real estate boom on Mt. Desert Island
is still in the flow Of its popularity. Large
tracts in different parts Of the island are
divided and sub-diyided into lots and being
bought or bonded, are selling each week for
enormous prices.
The craze for speculation here seems not
to have subsided during the last few months,
but on the other hand Is daily stimulated by
the intense cupiditY Of spectators TO take
possession Of every inch Of soil available.
The large amount Of land which has changed
hands during the past year and the immense
profits secured by the investors Is certainly
without parallel in the history of oar
State. Whether or not this beautiful island
OF Mt. Desert, which has already become
so famous as summer resort, Is also to be.
made the secret abode Of capitalists and
spectators is a question which we do not at
this early date venture to solve. In all prob
ability the enthusiasm which is now running
so high among the islanders will not long
exist. Such at least is the belief Of those
most extensively interested. But to say that
the real estate boom here has reached its
climax would be to give doubtful conjec-
ture even by one who entertains the least
uncertainty or hope.
1t seems to be the opinion Of unbiased
minds, equally interested in the welfare of
Mt. Desert, that while land located in the
interior Of the island may fail to increase in
value as IL has done, yet. all available lots
situated within the present limits Of the
town OF Bar Harb0r must of necessity con-
LInue TN TO sell for large amounts Of money.
This fact is due in part to the high estimate
placed upon 1t by holders, and also 10 its
close proximity TO lands which represent the
most wealth. The owners of land I'm the
village are fully able to hold on to il in order
10 take advantage Of the best trades and il
would not be within the bounds Of common
reason 10 say that these men, though having
paid outrageous prices for their land, are to
sell below cost, or even at cost, but on the
contrary, are going TO reap the highest bene-
hts possible. 1t would be safe to state, then.
that while 1t Is not to be believed that the
present boom can successfullyIextend beycnd
specified limits, real estate In Bar Harbor
VIII not fall OIL in value, but IL anything
commune 10 increase for some time to come. /
The town Of Bar Harbor where mountains,
ocean, Islands and beaches and beautiful
drives all unite their respective forces for
the accommodation OF the tourist and which
eclipses IN her facilities and beautiful
scenery all other American resorts must for
ner own advantage place upon her lands the
,hgnest possible figure. Even now when
land has been sold as high as $4,000 per
acre we are told thet this does not exceed In
price ,lots which have been sold in other
watering places less attractive than Bar
Harbor: The land ON which stands tho
Roger Block opposite the Grand Central
hotei =. mere was bought at the high rate of
$3.50 per square feet. Ordinary house lots
are selling as high as $1,000. The average
cost OF land per acre in the village Is $1,000.
There are several however which contain
less than an acre Of land estimated from
Slo,OOO 70 $4,000. Shore land outside Of the
MI. Desert Real Estate Company recently
purchased a small tract Of land known here
as the Devils Half Acre, which has previ-
ously been occupied by the Indians This
lot comprises only two acres and was pur-
chased by these parties for $4,000. The par
value OF the stock OF this company Is $50
During 9. part OF last winter these shares
were selling as low as SIS To-day there
are none tobe had at $50. This company
mas IN It's possession the most desirable land
on the island which Will at no distant day
bring enormous prices. Lands situated in
the interior are not worth so much While
the boom at Bar Harbor mas somewhat af-
teeted these lands yet the value per acre
does not exceed $40. 1t Is no uncommon 0c-
currence for parties to bond land at a small
rate and more than double their money be-
lore single cent has been paid down. This
mas Deen done in many instances and
most DOuntlful harvests reaped.
In conversation with two enterprising gen.
tlemen OF Bar Harbor. your correspondent
was told that each had lately put 500 into a
land speculation, and had made Si1O0 apiece
before the total 500 had been ali paid. An
other reliable man asserted that he had bond
ed small amount this spring, sand within
months time realized $500 from his invest
ment. In another instance, lot was pur-
chased Tor hlOO, and soon afterward sold for
$500. We have it from good authority that
one OF Bar Harbor's leading men has, with
In the last year, made over $4,000 in land
speculation. This Is only few Of the vast
number OF cases where Investments in real
estate have proved successful. Those who
Inquire most prominently in Mt Desert in
yestments are Gov. BOdwell, James G.. Blaine,
Eugene Hale, Il. G. Burleigh, Judge l.. A.
Emery, A. Il. Wiswell, and DIR. Morse OF this
place. The large majority Of the investors.
however, and in fact those who are the Wild
est over the boom are natives Of Mt Desert.
These local capitalists possess nearly one
fourth OF the area Of the island, entertain
ing the opinion that the whole surrounding
Harbor itself.
The land from which has been realized the
greatest gains has usually been that Of the
poorest soil, very rocky. Quality is an un-
known quantity in determining the price of
land here. IL Is the site. more than any
thing else. Ledges are as valuable as the
richest soil. provided their location Is favor
able. One thing in conclusion may be said
OF the real estate boom at Mt. Desert il Is
healthy. Unavailable land is worthless, and
people would no sooner think of purchasing
the side Of Green Mountain than they would
the bottom Of Frenchman's Bay.